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Intuit has contributed $500,000 to Mountain View’s affordable housing fund, bringing the balance to about $1.58 million as the city and a local community foundation seek additional donations for future housing projects.
The Mountain View-based financial technology company is the first corporate donor to the Mountain View Affordable Housing Fund, according to a July 30 city news release. The fund was created earlier this year through a partnership between the city and the Los Altos Mountain View Community Foundation, which manages the fund.
The city contributed $1 million from its Below Market Rate Housing Fund, while individual donors have contributed more than $76,000, according to the city.
None of the money has been committed to a specific housing project, city spokesperson Brian Babcock said in an email.
According to Babcock, the fund could be used for new affordable housing construction, acquiring and preserving existing housing, rehabilitation projects, and programs supporting homeownership. Which projects ultimately receive money will depend in part on how much funding is raised, what eligible projects are available and how much financing they require. Any expenditures will need final approval from the city.
Crysta Krames, CEO of the Los Altos Mountain View Community Foundation, said the fund’s current size limits the types of projects it can support.
“The honest constraint right now isn’t a shortage of need, it’s the size of the fund,” Krames said in an email, adding that the goal is to grow it to $5 million.
The city’s near-term goal is to use the momentum from its initial investment and Intuit’s contribution to attract additional funding, Babcock said.
Donors cannot earmark contributions for individual projects, Krames said. All money donated to the fund is legally restricted to affordable housing in Mountain View, and keeping donations pooled allows the city to direct the money toward eligible projects as opportunities arise.
The foundation retains 3% to cover expenses including gift processing, investment management, compliance and reporting to the city, according to Krames.
Krames said she hopes Intuit’s contribution will encourage other local businesses to donate.
“Intuit went first, which is always the hardest position,” Krames said. “Our hope is that going second looks a lot easier now.”
I’ve learned in my many years of living in the Bay Area these tend to be misused for political leverage/favors. It’s unfortunate. Intuit doesn’t do anything for free, they even squashed free tax filing!….so the question is who asked them for the donation and what business will they have before the city!
The Mayor? the City Manager! Of course this is for a good cause, but corporations have motivations. Intuit is a poster child as they have spent millions lobbying for free tax filing to go away. (Successfully!)